Common use of Application of Collateral Proceeds Clause in Contracts

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender at the time of, or received by Lender after, the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' fees, incurred or made hereunder by Lender; (b) Second, to the payment to Lender of the amount then owing or unpaid on the Note for Scheduled Payments and the Loan Value of the Loan Amount with respect to each Loan, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Note, then first, to the unpaid interest thereon, second, to unpaid principal thereof and third, to the remaining balance of the Loan Value of the Loan Amount with respect to each Loan; such application to be made upon presentation of the Note, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Third, to the payment of other amounts then payable to Lender under any of the Operative Documents; and (d) Fourth, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender Agent, on behalf of Lenders, at the time of, of or received by Lender Agent, on behalf of Lenders, after, the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' fees, incurred or made hereunder by Agent or any Lender; ; (b) Second, to the payment to Lender Lenders on a pro rata basis as contemplated by SECTION 2.12 of the amount then owing or unpaid on the Note Loan for Scheduled Payments and Payments, the Stipulated Loan Value of the Loan Amount Amount, and all other Obligations with respect to each the Loan, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the NoteLoan, then first, to the unpaid interest thereon, second, then to unpaid principal thereof and thirdthereof, then to the remaining balance of the Stipulated Loan Value of the Loan Amount with respect to each the Loan; such application to be made upon presentation of the Note, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Third, then to the payment of other amounts then payable to Agent or any Lender under any of the Operative Loan Documents; and and (dc) FourthThird, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of ---------------------------------- the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender Lenders at the time of, of or received by Lender Lenders after, the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' fees, incurred or made hereunder by Lender; Lenders; (b) Second, to the payment to Lender Lenders of the amount then owing or unpaid on the Note Loans for Scheduled Payments and Payments, the Stipulated Loan Value of the Loan Amount Amount, and all other Obligations with respect to each Loanall Loans, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the NoteLoans, then first, to the unpaid interest thereon, second, then to unpaid principal thereof and thirdthereof, then to the remaining balance of the Stipulated Loan Value of the Loan Amount with respect to each Loan; such application to be made upon presentation of the Noteall Loans, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Third, then to the payment of other amounts then payable to Lender Lenders under any of the Operative Loan Documents; and and (dc) FourthThird, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender at the time of, of or received by Lender after, the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' fees, incurred or made hereunder by Lender; ; (b) Second, to the payment to Lender of the amount then owing or unpaid on the Note Loans for Scheduled Payments and Payments, the Loan Value unpaid principal amount of the Loan Amount Loans, and all other Obligations with respect to each Loanall Loans, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the NoteLoans, then first, to the unpaid interest thereon, second, then to the unpaid principal thereof and third, to the remaining balance amount of the Loan Value of the Loan Amount with respect to each Loan; such application to be made upon presentation of the NoteLoans, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Third, then to the payment of other amounts then payable to Lender under any of the Operative Loan Documents; and and (dc) FourthThird, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender Collateral Agent or Lender, at the time of, of or received by Collateral Agent or Lender after, after the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' ’ fees, incurred or made hereunder by Collateral Agent or Lender; , including Lender’s Expenses; (b) Second, to the payment to Lender of the amount then owing or unpaid on the Note Loans for Scheduled Payments any accrued and unpaid interest, the Loan Value amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loan Amount Loans, and all other Obligations with respect to each Loanthe Loans (provided, and in case however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the NoteLoans, then first, to the unpaid interest thereonthereon ratably, second, to unpaid principal thereof and the amounts which would have otherwise come due under Section 2.3(b)(ii) ratably, if the Loans had been voluntarily prepaid, third, to the remaining principal balance of the Loan Value of the Loan Amount with respect to each Loan; such application to be made upon presentation of the NoteLoans ratably, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Thirdfourth, to the ratable payment of other amounts then payable to Lender under any of the Operative Loan Documents); and and (dc) FourthThird, to the payment of the surplus, if any, to BorrowerCo-Borrowers, its their successors and assigns, assigns or to whomsoever may be the Persons lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender Lender, at the time of, of or received by Lender after, after the occurrence and during the continuance of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of reasonable out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys' ’ fees, incurred or made hereunder by Lender; , including, without limitation, Lender’s Expenses; (b) Second, to the payment to Lender without duplication of the amount then owing or unpaid on the Note Loans for Scheduled Payments Payments, any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(iii), if the Loan Value had been voluntarily prepaid, the principal balance of the Loan Amount Loan, and all other Obligations with respect to each the Loan, and in case (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the NoteLoan, then first, to the unpaid interest thereon, second, to unpaid principal thereof and third, then to the remaining amounts which would have otherwise come due under Section 2.3(b)(iii), if the Loan had been voluntarily prepaid, then to the principal balance of the Loan Value of the Loan Amount with respect to each Loan; such application to be made upon presentation of the Note, and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid; (c) Third, then to the payment of other amounts then payable to Lender under any of the Operative Loan Documents); and and (dc) FourthThird, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same.